President Trump Announces 25% Tariffs on All Steel and Aluminum Imports

President Trump said Sunday that he will announce 25% tariffs on all steel and aluminum imports into the United States on Monday. The new development is on trend with recent actions by the new white house.

President Trump announced Sunday that he will impose a 25% tariff on all steel and aluminum imports into the United States, effective Monday.

The new measure, to be announced from Air Force One as Trump heads to New Orleans for the Super Bowl, will reportedly apply to all countries and not single out any specific nation.

“Any steel coming into the United States is going to have a 25% tariff,” Trump said. When asked by a reporter, the Republican also confirmed that aluminum imports will face a 25% tax.

The move marks a shift from Trump's first term, when he imposed a 25% tariff on steel and a 10% tariff on aluminum imports, a measure that was later challenged by the World Trade Organization (WTO).

The new tariffs will likely hit Canada and Brazil, the top two metal suppliers to the U.S., the hardest. Among U.S. steel companies, Cleveland-Cliffs and Nucor saw their stocks rise 14% and 8% respectively.

Bitcoin price sees no impact from new tariffs

In the crypto market, the news of new tariffs on metal imports had little impact, unlike previous reports of potential trade wars with China and Canada, which led investors to become more risk-averse due to the potential for inflationary repercussions.

This new development does not appear to have had the same effect, as the new tariffs could boost the U.S. steel industry, potentially leading to more new jobs and more controllable inflation.

As a result, Bitcoin was trading around the same $97K level, currently up 1.35% over the last 24 hours at $97,318.